Information session about fit and proper assessments DNB
News item supervision
On Tuesday 5th November from 3:00-4:45 PM CET DNB will organize a physical information session about fit and proper assessments.
De Nederlandsche Bank (DNB) is responsible for prudential and material supervision of pension funds, premium pension institutions (PPIs) and pension insurers. Prudential supervision focuses on the financial soundness of pension funds and their contribution to financial stability. Material supervision includes the assessment of pension funds' articles of association, pension scheme rules and pension contracts.
Pension funds which are formed in the Netherlands and limit their activities to administering Dutch pension agreements need not apply to DNB for authorisation. However, these pension funds must give advance notification to DNB. General pension funds (Algemeen pensioenfonds, APF, in Dutch) however must hold an authorisation in order to pursue the business of a general pension fund in the Netherlands. De Nederlandsche Bank (DNB) is responsible for issuing such authorisations and for supervising APFs. APFs may start operating only after the authorisation has been granted.
All pension funds must comply with several statutory requirements. On the one hand, these requirements serve to promote pension funds' financial soundness (prudential requirements), on the other they focus on control structures and the relationship between employees, employers and pension funds (material requirements). The Dutch Authority for the Financial Markets (AFM) is responsible for market conduct supervision. Together, these prudential, material and conduct requirements aim to protect the interests of pension fund members, deferred members and pensioners.
The Pensions Act – for company pension funds and industry-wide pension funds, the Mandatory Occupational Pension Scheme Act (Wet verplichte beroepspensioenregeling) – for occupational pension funds, and the secondary legislation based on these laws impose prudential requirements on pension funds in the following areas (please note that the list below is non-exhaustive):
The Pensions Act – for company pension funds and industry-wide pension funds, the Mandatory Occupational Pension Scheme Act (Wet verplichte beroepspensioenregeling) – for occupational pension funds, and the secondary legislation based on these laws impose material requirements on pension funds in the following areas (please note that the list below is non-exhaustive):
These requirements have been elaborated in greater detail in secondary legislation and concern all kinds of operational, technical and financial aspects as well as related risks.
If you have any questions about the supervision of pension funds in the Netherlands, please contact us.
More information about cross-border operation of pension schemes
News item supervision
On Tuesday 5th November from 3:00-4:45 PM CET DNB will organize a physical information session about fit and proper assessments.
News item supervision
From 25 November 2024, Jochem Dijckmeester will succeed Cindy van Oorschot as Divisional Director of Pension Supervision at DNB.
Embedded finance offers customers the convenience of in-app payment options and on-the-spot insurance. This seamless integration of financial services, available exactly when and where they are needed, makes life simpler. But this innovation also entails new risks.